Kirloskar Ferrous Industries Acquires Oliver Engineering to Expand Casting Operations

Pune, India – Kirloskar Ferrous Industries Ltd (KFIL), one of the leading castings and pig iron manufacturers in India, has announced the acquisition of Oliver Engineering Pvt Ltd to expand its casting capacity. Oliver Engineering is engaged in the business of ferrous casting and machining with its manufacturing facility located in Village Sandharsi, Tehsil Rajpura, State Punjab. Its present castings capacity is 28,000 MT per annum.

The National Company Law Tribunal (NCLT) approved the Resolution Plan vide its order dated September 12, 2023. KFIL has successfully concluded all necessary steps for acquiring management and operational control of Oliver Engineering on September 29, 2023. The advisors to this transaction were KPMG for financial matters and Pioneer Legal for legal matters.

On this development, RV Gumaste, Managing Director, KFIL, commented, “We welcome Oliver Engineering to the KFIL family. This acquisition seamlessly aligns with our strategic objectives, giving us the opportunity to expand our geographical reach and cater to the growing needs of our customers in Northern India. Given the plant’s non-operational status, it is estimated that it will require around 4 to 5 months to become operational. We thank the   Committee of Creditors, the Resolution Professional, the advisors to the transaction for their support and successful closing.”

Image Source: Kirloskar Ferrous Industries Ltd

---

---